Company Valuation: Lindt

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 29,923 21,980 23,697 23,214 26,775 22,083 - -
Change - -26.54% 7.81% -2.04% 15.34% -17.53% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 23,089 23,007 22,941
Change - -25.37% 9.26% -3.15% 16.8% -17.16% -0.36% -0.28%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 30.1x 28x 25.9x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.4x 4.21x 4.02x
PEG - 2.2x 1.8x 25.55x 4.5x 11.68x 3.61x 3.36x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.66x 3.5x 3.31x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.83x 3.64x 3.43x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 17.6x 16.5x 15.4x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 23.1x 21.4x 19.9x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 27.3x 29.6x 28.2x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.66% 3.38% 3.54%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,876 2,002 2,115
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 1.94% 2.07% 2.18%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,218 3,467 3,734
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 58.3% 57.8% 56.6%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,034 6,312 6,681
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,394 1,489
EBIT 1 644.9 744.6 813.1 884.2 971 1,001 1,073 1,151
Net income 1 490.5 569.7 671.4 672.3 727.2 747.2 802.1 861.5
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,006 923.6 858.4
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 96,900.00 96,900.00 96,900.00
Nbr of stocks (in thousands) 241 232 233 231 230 229.2 - -
Announcement Date 3/8/22 3/7/23 3/5/24 3/4/25 3/10/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.56x0.7x10.48x2.6% 7.57B
21.21x1.96x12.52x2.6% 1.71B
13.95x0.91x6.62x2.53% 1.4B
10.08x - - 3.12% 804M
12.58x0.7x6.13x4.39% 409M
Average 17.88x 1.07x 8.94x 3.05% 2.38B
Weighted average by Cap. 25.90x 0.92x 10.15x 2.69%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield